Yahoo pressures Asian Net stocks

SAN FRANCISCO (CBS.MW) -- American depositary receipts of Asian companies were rocked Thursday along with the broad market, with chip and Internet stocks taking the brunt of the damage.

The Bank of New York Asian ADR Index slipped 1.6 percent to close at 86.11 while the Nasdaq Composite fell 32 points, or 1.8 percent, at 1,716. The Dow Jones Industrial Average lost 120 points, or 1.3 percent, at 9,036. See Market Snapshot.

Shares of Taiwan Semiconductor
TSM, +0.49%
easily topped the index's most-active list with over 20 million shares traded, finishing the day down 62 cents, or 5.8 percent, at $10. The world's largest foundry and several of its executives, plus an investment branch of Taiwan's government, sold 79 million U.S.-listed shares Wednesday. Check Hardware Stocks.

Chipmaker United Microelectronics
UMC, +1.09%
followed suit with a 6.5 percent decline, off 30 cents at $4.32. The company reported an uptick in June sales from year-ago levels.

In the Internet arena, shares of Netease
NTES, -3.51%
and Internet Initiative Japan
IIJI, +0.22%
were the most-active issues, down 8.2 percent at $38.09 and off 7.2 percent at $11.27, respectively.

Yahoo's second-quarter earnings report after Wednesday's close sent tremors through the sector. Shares of Yahoo
YHOO
plunged $2.73, or 7.7 percent, at $32.56. Read Net Stocks.

Indian software services firm Wipro
WIT, +0.20%
led advancers, ending the day up $2.63, or 10.7 percent, at $27.23 while fellow Indian tech company Rediff
REDF
hovered near the bottom, down $1.41, or 14.1 percent, at $8.59.

Intraday Data provided by SIX Financial Information and subject to terms of use. Historical and current end-of-day data provided by SIX Financial Information. All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Intraday data delayed at least 15 minutes or per exchange requirements.